Bitcoin is a Web-based "cryptocurrency" that enables users to move money around the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in.

Ripple's service and currency, known as XRP, is for financial institutions and companies, such as banks, that provide liquidity for foreign exchanges.

Last year, New York became the first U.S. state to issue extensive rules for virtual currency companies. The guidelines, aimed at consumer protection and prevention of money laundering, require companies to obtain what is known in the state as a "BitLicense."